To Nepal : Grants - Germany, S Arabia & India; Loan - World Bank

The German government has committed to offering a grant of approximately Rs5.9 billion to Nepal. The Finance Minister has received authorization from the government to sign the respective agreement.

Rekha Sharma, Minister for Communications and Information Technology, disclosed this information during a press conference on Friday. She provided insights into the decisions made at Thursday's Cabinet meeting. It was agreed during this meeting to finalize the draft agreement for obtaining a loan of nearly Rs 13 billion from the World Bank.

Furthermore, a negotiating team, spearheaded by the Joint-Secretary of the Finance Ministry, has been established to discuss terms with the World Bank.

Minister Sharma, acting as the government spokesperson, additionally announced the decision to accept grant assistance totaling 2 million US dollars from Saudi Arabia. This aid will facilitate the establishment of a Polytechnic Institute and allow for the procurement of chemical fertilizers.

Lastly, Minister Sharma revealed that the government has approved grant assistance from India for the execution of the 'High Impact Community Development Project.' This funding will also be employed in forming quarantine check posts at Trinagar checkpoint in Kailali and Suthauli checkpoint in Kapilvastu to ensure plant and plant product quarantine measures are in place.